Furthermore, “it's a rare opportunity to secure a below-market rent asset in a very desirable market.” Not only has the vacancy rate among industrial properties recently hit historic lows, but investors can find higher yields in the Twin Cities than currently available in the top core markets.

“Core pricing is getting so expensive that the time is right to buy non-core assets,” Foster says. “The debt and equity markets are ready to get behind these assets.” He estimates that properties in the Minneapolis area will gain investors an additional 50 to 100 bps over similar properties in the top five core markets, although that gap is beginning to narrow.

“The demographics in Minnesota are fantastic,” he adds. “The level of education is very high, and the workforce is wonderful.” The region is also home to a disproportionate number of Fortune 500 companies, and this concentration of headquarters has attracted a vast number of highly-educated workers.

“This property will attract interest from national industrial players,” says Foster.

Beckman Coulter, Inc.

MINNEAPOLIS—Avison Young has just been awarded the exclusive sales listing for a 140,465-square-foot industrial building in southwest suburban Minneapolis, and have high hopes that investors from across the nation will show a lot of interest, partly due to the Twin Cities' strong economy, and partly due to the class A property's stability and growth potential.

Avison Young principals Erik Foster and Mike Wilson, both based in Chicago and members of the firm's national industrial capital markets group, are representing building ownership, a national property owner, along with Avison Young principals Tom Dunsmore and Jim Rock of the Minneapolis office.

Beckman Coulter, Inc., a global biomedical company, has fully occupied the building, located at 322 Lake Hazeltine Dr. in Chaska, MN, since 2007. With 2014 sales of $2.12 billion, Beckman develops, manufactures and markets products that simplify, automate and innovate complex biomedical testing.

“It's not your typical bulk distribution building,” Foster tells GlobeSt.com. The company considers it a research and development facility that, in conjunction with five other buildings in the immediate area, is critical to its operations.

Furthermore, “it's a rare opportunity to secure a below-market rent asset in a very desirable market.” Not only has the vacancy rate among industrial properties recently hit historic lows, but investors can find higher yields in the Twin Cities than currently available in the top core markets.

“Core pricing is getting so expensive that the time is right to buy non-core assets,” Foster says. “The debt and equity markets are ready to get behind these assets.” He estimates that properties in the Minneapolis area will gain investors an additional 50 to 100 bps over similar properties in the top five core markets, although that gap is beginning to narrow.

“The demographics in Minnesota are fantastic,” he adds. “The level of education is very high, and the workforce is wonderful.” The region is also home to a disproportionate number of Fortune 500 companies, and this concentration of headquarters has attracted a vast number of highly-educated workers.

“This property will attract interest from national industrial players,” says Foster.